Courts change limitation period for natural hazard insurance and other occurrence based policies
New Zealand's professional association representing the interests of insurance brokers, risk managers and consumers.
IBANZ gives strength and support to members enabling them to better meet their challenges and opportunities.
We achieve this through staying involved with government activity and legislative reform impacting the insurance industry, and more specifically fire and general brokers and their clients.
We focus on providing high quality presenters who speak on a variety of fire, general and business topics under our Continuing Professional Development (CPD) offering to support members deepen their knowledge and broaden their skills.
The IBANZ Code of Professional Conduct provides the public with assurance that members act in a professional and ethical manner. It includes a disciplinary and complaints committee to review concerns that may arise.
Ph: 09 306 1732
www.ibanz.co.nz
Welcome to our jam-packed
winter
edition with something for everyone!
Our lead story covers the Contracts of Insurance Act, which is due to come into force mid-November 2027. In our April submission to MBIE, we stressed the need for the implementation date to be no earlier than 15 November 2027 (the latest currently allowed), noting MBIE’s own long list of unrelated incoming regulatory changes impacting the insurance industry from 2025 to 2027.
We also highlighted the significant parcel of work to be undertaken by brokers and insurers in readiness for the Act. This includes the introduction of two different levels of disclosure, and the new requirements of timeliness, clarity, conciseness and effectiveness of consumer communications and policy documentation.
In addition, a review of almost all policy wordings will be needed to ensure they do not contain unfair contract terms. The current exception that applies to insurance under the Fair Trading Act will be substantially reduced to apply to the main subject matter of insurance contracts (as defined) when the new Act comes into force.
This quarter, we embark on our first Ministerial Q&A featuring Hon David Seymour in his roles as Minister for the Natural Hazards Commission and Minister for Regulation. In the interview, he signals that the regulatory review of the financial services sector is on the agenda for later this year.
On the subject of Government, we have a story about the importance of submissions and advocating for members’ and clients’ interests - a key focus of my work at IBANZ.
There is some practical advice on the steps each of us can take to help drive interest in our industry as a career and to grow the next generation of brokers.
We also include an update on the limitation period relating to natural hazard insurance and the impact on insurers' cover.
After more than five years leading IBANZ, I have decided the time is right for a change, so this will be my last edition of CoverNote.
I have learned a lot during my time representing our membership and clients throughout the evolution (and at times, hectic revolution) of the legislative and regulatory landscape.
Some say these changes are starting to wind down - an opinion I do not share. If that is the case, I have no doubt that an opportunity to focus on clients will be welcomed by an industry that continues to be subject to a state of flux.
IBANZ has undergone something of a transformation over recent years as we have adapted our offering to the changing needs of our members.
I acknowledge the board’s courage in supporting the execution of changes necessary to help keep IBANZ relevant and ensure its financial sustainability.
In particular, I am grateful to the handful of individuals from the board, regulatory affairs committee, and IBANZ membership who repeatedly and tirelessly offer their experience and ideas for the greater good.
I thank those who have given their time for the benefit of our Association, particularly in the areas of submissions, the CPD programme, expertise for our Q&A forum, media enquiries, and the publication of CoverNote.
We couldn’t achieve what we needed to on our own, and are a stronger organisation because of the willingness of others to roll up their sleeves and get stuck in when I come calling.
It has been a privilege to work alongside Karen and Julie, a talented and diligent team who are committed to the growth and success of IBANZ and our membership.
I fully appreciate the support I have received from members as well as the honesty and openness shown to me over the years. This engagement has been instrumental in ensuring the representations made in submissions and discussions with the stakeholders I regularly meet with are up to date and accurate across our varied membership.
I wish you all the very best for the road ahead and the future of independent financial advice.
Melanie Gorham CEO, IBANZ
CoverNote is the official publication of IBANZ and is distributed FREE on a quarterly basis (March, June, September, December) to members throughout New Zealand and associated companies. Additional copies are available at a cost of $7.50 per copy, or 12 month (4 issues) subscriptions at $30.00, inclusive of postage and packaging. The articles or opinions featured within this magazine are not necessarily the opinions of the publishers or IBANZ, and they do not accept responsibility for the content of articles featured within the publication. No part of this publication may be reproduced without the written permission of the publisher. The publishers do not accept responsibility for loss or damage to unsolicited photographs or manuscripts.
IBANZ enquiries should be made to: Melanie Gorham, Chief Executive, IBANZ. Email: mel@ibanz.co.nz
IBANZ National Office located at: The Crate, 28 Constellation Drive, Rosedale, Auckland 0632 PO Box 302504, North Harbour, Auckland 0751 Telephone 09-306-1732. Website: www.ibanz.co.nz
Results of 2024 General Insurance stress test published
On6 May 2025, the Reserve Bank of New Zealand (RBNZ) published the results from its 2024 General Insurance industry stress test. The purpose of the stress tests was to assess the insurance industry’s ability to respond in the situation of a major earthquake and severe, but plausible, cyber-risk incidents.
The test used the specific scenario of an 8.7 magnitude earthquake rupturing the central and adjacent sections of the Hikurangi subduction zone. According to the RBNZ, this scenario would result in widespread damage and a sharp decline in the nation’s gross domestic product. Participating insurers modelled property losses of $62 billion, which rose to around $100 billion if extrapolated out to cover the whole market.
According to the Director of Financial Stability Assessment and Strategy, Kerry Watt, despite the severity of the scenario, the claims of policyholders would have been met. The modelling showed that of all losses, approximately half were covered by the government-guaranteed Natural Hazards Commission, 39% were covered by reinsurance arrangements, 8% were retained by policyholders, and the remainder was covered by the insurers.
The testing also included the scenarios of a major data security breach, an outage of an important cloud service provider, and a ransomware attack. These three scenarios were developed in collaboration with Lloyd’s of London, the Bank of England Prudential Regulatory Authority and New Zealand's Computer Emergency Response Team.
According to the results, the participating insurers showed resilience to claims arising from large cyber events, although these could have a significant impact on their profitability.
RBNZ now intends to begin providing participating insurers with recommendations and peer group comparisons to support the development of their risk management and modelling capability in relation to significant seismic and cyber events.
Dentons reports that this will affect all New Zealanders, but will not change the status quo.
A copy of the results can be found at www.rbnz.govt.nz
Article courtesy of Dentons www.dentons.com
IBANZ Chief Executive steps down, search commences for next CEO
The Insurance Brokers Association of New Zealand (IBANZ) is on the hunt for a new Chief Executive following incumbent Mel Gorham’s decision to step down after five years in the role.
IBANZ President Neil Cousins acknowledged the huge progress made under Ms Gorham’s leadership, which has resulted in a stronger, more professional, and influential organisation in support of the New Zealand insurance broking profession.
“Mel’s leadership coincided with a significant period of legislative change in the financial services industry. Her work in helping draft and present numerous submissions to the government has resulted in better outcomes for insurance consumers and the broking industry as consumer advocates.”
Mr Cousins also acknowledged improvements made to IBANZ’s continuing professional development programme, which ensured it has evolved with industry changes and continues to provide engaging and relevant training for members at all stages of their careers.
“Mel will leave IBANZ in a stronger position than when she joined us five years ago, and we wish her the best for her future endeavours.”
Mr Cousins says IBANZ will now begin to actively recruit for a new leader to take IBANZ forward.
“Now that much of the government consultation work is embedded in legislation, the time is right for a new leader to step up and use their talent, experience and fresh perspectives to take IBANZ forward for the benefit of our membership. We have engaged Artemis Executive Recruitment to lead this process.”
Mel Gorham’s last day with IBANZ will be 26 June 2025.
Getting ready for the Contracts of Insurance Act
Time is ticking for the insurance industry to get ready for the implementation of the Contracts of Insurance Act.
TheContracts of Insurance Act is a new consumer protection law that repeals five Acts currently in force and increases the obligations on brokers and insurers.
Speaking to a recent professional development seminar for members of the Insurance Brokers Association of New Zealand (IBANZ), Fee Langstone Partner Craig Langstone said he believes the Act will likely require every single insurance policy in New Zealand to be rewritten and observed that he’s not yet seeing much evidence of policy wordings being updated to comply.
The new Act takes effect from 14 November 2027, although the Ministry of Business, Innovation and Employment (MBIE) is currently consulting on whether that date should be brought forward.
Craig Langstone | Fee Langstone Partner
Insurers will have to think carefully about making sure they are asking the right questions of policy holders, but this not straightforward under the wording of the Act.
Fee Langstone Partner Craig Langstone
Consumer or non-consumer?
One of the biggest changes is that every insurance policy will need to be categorised as either consumer or nonconsumer, with different rules applying to each.
Consumer policies are wholly or predominantly for personal, domestic, or household purposes, and the onus is placed clearly on the insurer to ask the right questions at disclosure time. The ‘duty of good faith’ at disclosure time has been abolished entirely.
A consumer has to take reasonable care not to make misrepresentations and must answer questions correctly, but they are not required to offer up any information.
Craig says insurers will have to think carefully about making sure they are asking the right questions of policy holders, but he also suggests that’s not straightforward under the wording of the Act. “The test is what would a reasonable policy holder do, which is a reasonably low bar.”
In contrast, the insurer is expected to know matters without being told. “For example, if the consumer is seeking cover for a cliff top home the insurer might be expected to know that the location has been subject to recent subsidence, without the policy holder volunteering that information.”
Craig warns that insurers will no longer be able to rely on catch all style questions such as, “Have you told us everything we need to know?” He says insurers will need to update online portals and application forms and warns that proposal forms are likely to get longer and more detailed.
For brokers, it’s worth noting that one of the factors to be taken into account under the Act when determining whether a policy holder has taken reasonable care or not is whether they had broker assistance, although the effect of this is not specified.
Non-consumer (business or commercial)
Non-consumer policy holders have to make a fair representation of the risk, which is a higher level of obligation than consumer policy holders, but lower than the currently ‘duty of good faith.’
In practice, this means disclosing every material circumstance the policy holder knows or ought to have known and providing sufficient information to put a prudent insurer on notice. The risk has to be reasonably clear and accessible and the facts substantially correct.
It’s worth noting that good faith will apply to policy holders only after the contract is entered into. For example, a policy holder still has an obligation to tell the insurer about a change in use of the insured premises during the period of cover. However, the good faith obligation applies to insurers precontract. This means that insurers will need to continue to advise policy holders of their disclosure obligations, and the possible consequences of failing to comply, in proposals, application forms and the like.
What does this mean for brokers?
Under the Contracts of Insurance Act, intermediaries, including brokers and financial advisers, have a statutory obligation to pass on all representations made by the policyholder during the negotiation of the contract of insurance.
This has the potential to be problematic and potentially create conflicts of interest and privacy issues for brokers.
On the one hand, brokers have a duty to their insured clients to get them the best possible rates and terms, but this will need to be balanced with their statutory duty to pass on all information to the insurer.
There is a provision within the new Act which says a broker is not in breach of contract or liable for a civil wrong if it passes on information provided by an insured. However, this doesn’t stop a disgruntled client from making a complaint to a professional body or using social media to negatively impact the broker.
Insurers can also seek compensation from brokers for not passing information on, however, brokers can’t seek indemnities from policyholders for this potential breach.
Other things to note
The Act contains an implied obligation on insurers to pay claims promptly. What’s reasonable depends on the circumstances, but this could be potentially helpful to brokers and their clients. Factors that would influence this include the time needed to investigate and assess the claim, the type of insurance, and the size and complexity of the claim.
Increased risk exclusions continue – that means an excluded risk must cause or have contributed to the loss suffered. Insurers will be able to apply some exclusions regardless of causation/contribution, such as age, identity, qualifications and loss location.
Both claims made and claims made and notified policies will have a firm late notice cut-off period of 90 days.
There is also a requirement for insurance contracts to be worded and presented in a clear, concise and effective manner.
IN SUMMARY
• The insurance industry has much to do to be ready for when the Contracts of Insurance Act takes effect from 14 November 2027 (at the latest). Almost all policies will need re-writing in a short time frame.
• All policies will need to be categorised as either consumer or non-consumer, with different rules applying to each category.
• Concerns remain for the broking community regarding a potential conflict between their duty to their clients and their statutory duty to pass on information to insurers.
• There’s a lot to be tested and clarified in the courts over time.
BE YOUR OWN BOSS
Minister Seymour signals sector review
Associate Finance Minister David Seymour has confirmed that a review of the financial services sector - including insurance - is on the government’s agenda for the second half of 2025.
In an interview with CoverNote that occurred against a backdrop of a state of emergency in Christchurch, Wellington battling wind gusts of up to 150kmph and the MetService issuing a rare red weather warning, Minister Seymour outlined his priorities for regulatory reform, risk-based pricing, and the need for greater public understanding of insurance coverage as New Zealand faces escalating natural hazard risks.
Asked about the biggest issues facing the insurance industry Minister Seymour, who is also the minister in charge of the Natural Hazards Commission, cited the volume of assets in New Zealand exposed to real danger, the rising cost of reinsurance and the inherent conflict between building in dangerous places and other people “carrying the can.”
Regulatory review on the horizon
Minister Seymour noted that a regulatory review of the financial sector is a key part of the coalition agreement, with insurance included as part of the focus. The review is expected to be announced in the second half of 2025, following a series of sector reviews across government.
“We are now announcing a sector review every quarter, and the shape of a financial sector review and the timing of it aren’t certain yet, but they’re getting more certain,” he said.
Minister Seymour indicated that while he believes there are some areas where the government can help, its first role is to listen.
“We’re certainly interested in the regulatory burdens that insurance faces. What we do hear across the financial services sector is that people are very frustrated.” He said it makes sense to let people answer the question of what most needs to be tackled from a regulatory point of view.
He pointed to reviews undertaken in other sectors such as early childhood, hairdressing and agricultural and horticultural product registration, saying, “We didn't know at the beginning, what the concerns of the regulated parties were, but we certainly do now, and we've been able to propose a regime of fixes that I believe are going to really liberate those sectors.
“Insurance is one of those areas where people are concerned about costs, and we can't change the underlying driver of costs, which is risk, but we may be able to change some of the regulatory concerns that make it harder for people to do this job.”
Natural Hazards Insurance Act, risk signalling, and consumer awareness
CoverNote recently aired the concerns of the Insurance Brokers Association of New Zealand (IBANZ) about the Natural Hazards Commission’s (NHC) discretionary power to decline cover where a Natural Hazard Section Notice is recorded on a property title. IBANZ is concerned that the impact of section notices on insurance cover is not sufficiently understood.
NHC has the power to fully or partly decline a claim for damage caused by the same type of hazard specified in the section notice. This can also impact the above cap portion of cover, as some private insurers will only pay out once the NHC accepts its portion of the claim.
When CoverNote raised the issue with Minister Seymour, he pointed to the important role brokers play in ensuring consumers fully understand their cover. “I think it's one of the critical functions of brokers in our society to make sure that people do understand their insurance. You either move to absolutely universal, indiscriminate coverage, or you make sure that people are aware of what they’re signing.”
From a broader perspective, he expressed a strong preference for sending clear signals to property owners. “If you go to indiscriminate coverage, what you’re really saying
is that we’re going to continue subsidising people to build in places that are more dangerous. If you do that, then people who are weighing up the value of a property versus the safety of a property, are having their choice distorted by a mandatory government programme.
“I don’t think it’s right for the government to distort people’s decisions towards living in more dangerous places where they may lose their property and even be personally harmed. That would seem to me to be a real hazard in itself.
“I believe it's important that we ensure that, as much as possible, we're pricing risk accurately - including through NHI.”
Asked whether he thought there was inequity in the way NHC views earthquakes compared with other natural hazards given NHC doesn’t have the same discretion for earthquake claims, Minister Seymour responded that earthquake risk is pretty uniform across earthquake prone areas, whereas other natural hazards are more specific and it’s easier to identify them and avoid building on higher risk sites.
Adaptation over mitigation
“I think the secret to a good life is understanding what you can and can't change and then acting accordingly. I look at what is happening with the government policy on climate. There's been a massive emphasis on mitigation. While a lot of people will say that we have a moral obligation to ‘do our bit’, New Zealand's mitigation activities will not affect global warming, however, New Zealand's adaptation activities will affect the outcomes for New Zealanders.”
He cited the example of engineered stop banks alongside the Tutāekurī River helping save homes in nearby Taradale during Cyclone Gabrielle as an example of where investment in adaptation can serve to mitigate the problems we face.
No GST relief
Levies and taxes account for around 43% of a home premium, according to the Insurance Council’s website. The NHI levy makes up about 24% of the premium, and the FENZ levy about 5%. GST is charged at 15% on the total amount owing, including the government levies.
When asked whether there was any government appetite to remove GST from the levy portion of insurance premiums, Minister Seymour said, “That is not a path we should be willing to go down.
“We’ve got people who will make the point that they're paying substantial amounts of GST on cancer treatments. But the government is not making an exemption there for the reason that once you start making exemptions on GST, the only people who benefit are tax accountants.”
A watchful eye on dispute resolution
When EQC was transformed into the NHC, there were concerns expressed that its new Dispute Resolution Scheme would result in more complexity. Minister Seymour is clear that this is an area he is keeping a careful watch on.
“When I came in, the train had left the station, the legislation had passed, everything was about to happen, and I just had to really sign off on a whole lot of preordained details, including the dispute resolution system. I looked very hard at changing the proposed set-up at the 11th hour, and in the end, I settled for reconsidering how the dispute resolution system would work.”
Minister Seymour says there have only been a handful of disputes that have gone through the new system to date, so it’s too early yet to make a call on how it’s working. He’s committed to reviewing it once there is some more volume and a better judgement can be made about how it’s performing.
Advocating for members' and clients’ interests: IBANZ submits on draft legislation
IBANZ plays a strategic role in shaping New Zealand's insurance legislation
In the ever-evolving landscape of insurance and financial services in New Zealand, the Insurance Brokers Association of New Zealand (IBANZ) plays a pivotal role in defending its members’ interests through making submissions on draft legislation. These submissions are not mere formalities; they are carefully crafted documents that advocate for fair, balanced, efficient and effective laws and regulations for the benefit of insurance brokers, their clients and the rest of the insurance industry.
The Importance of submitting on draft legislation
Draft legislation in the insurance sector can significantly impact brokers and their clients if the industry’s expertise and knowledge are not introduced into the consultation process. When a new bill or amendment is proposed, IBANZ reviews the draft carefully to identify provisions that may affect insurance brokers and their clients. The primary aim is to ensure that the legislation is fair, practical, efficient and does not impose undue burdens on insurance brokers, their clients or insurers.
IBANZ's submissions are often driven by its deep understanding of the complex and dynamic insurance industry. IBANZ gathers insights into the potential impacts of the proposed legislation from the considerable industry knowledge and experience of the IBANZ board, its regulatory affairs committee and the Chief Executive, Mel Gorham. This
collaborative approach ensures that the submissions are comprehensive, professional and well-developed in a centralised, cost-efficient manner for the industry.
Advocacy and Representation
One of the core benefits of IBANZ's involvement in the legislative process is advocacy for improvements for all industry participants. Unnecessary increased costs penalise clients when they are passed on, are detrimental to society through promoting under-insurance and greater dependence on the public safety net, are averse to insurers and brokers through the burden of internalised
costs and reduced access to independent advice and policy take-ups. IBANZ advocacy ensures that the knowledge and experience of insurance brokers is shared with policymakers in a forum where it has been sought, is welcomed and is respected.
Policymakers often lack the on-the-ground experience that brokers possess. IBANZ bridges this gap by providing detailed, practical feedback that highlights the realworld implications of proposed laws. This feedback is crucial in shaping legislation that is both effective and implementable.
Influencing Policy Outcomes
By actively participating in the legislative process, IBANZ has had a tangible influence on policy outcomes. Policymakers value the insights provided by industry experts, and IBANZ's well-reasoned arguments often lead to amendments in the draft legislation.
This influence is a testament to IBANZ's credibility and the collective knowledge and expertise of those who contribute. IBANZ’s proactive approach not only benefits brokers but also enhances consumer protection and market stability. In the last five years, IBANZ has submitted on a large number of consultations, including:
• the Contracts of Insurance Act (CoIA), its predecessor bills and consultation documents;
• the Financial Markets (Conduct of Institutions) Amendment Act (CoFI), its Regulations, the Treatment of Intermediaries and other discussion documents;
• various topics relating to the Natural Hazards Insurance Act (previously EQC);
• the FMA’s Fair Outcomes for Consumers and Markets paper;
• the FMA’s Intermediated Distribution Guidance;
• the Insurance (Prudential Supervision) Act options papers; and
• the new Fire and Emergency New Zealand levy regime. Changes have been made to draft legislation or the FMA’s policy settings that appear to have resulted, at least in part but often solely, from IBANZ’s submissions. For example:
• Removing insurance brokers and other intermediaries from the requirement to have fair conduct programmes under the CoFI legislation, on the basis of the duplication with the intent and requirements of the Code of Professional Conduct for Financial Advisers;
• Removing insurance brokers and other intermediaries from most (but not all) of insurers’ monitoring and training obligations under the CoFI legislation;
• Limiting CoFI’s prohibited incentive restrictions to only apply to employees involved in advising the client, not to all employees as originally proposed and removing incentives which ‘indirectly’ refer to targets/thresholds;
• Limiting CoFI’s suitability requirement under the fair conduct principle to consumers “when viewed as a group”, rather than individually, which would have led to heightened disputes and inefficient outcomes;
• Introducing a regulations power (which will hopefully be enacted) to standardise notifications to policyholders of their CoIA disclosure duties and the applicable penalties, so insurance brokers can pass on a single disclosure document when recommending multiple insurer options to their clients;
• Limiting brokers’ and other intermediaries’ CoIA duties to pass on customer information so they apply to knowledge held by the employee working on the matter and not any information held by all employees, as was
drafted. IBANZ took this matter to the Select Committee to obtain this change;
• Removing CoIA’s criminal offences for late payment by brokers to insurers of client premiums, on the basis that this was a legislative interference in a commercial arrangement;
• Grandfathering existing agreements for premium payment dates exceeding 50 days under CoIA, so existing agreements would not need to be redocumented to maintain the current arrangements;
• Changing the period for brokers paying non-consumers their claim amounts under CoIA from a hard seven days to a “reasonable time” for more flexibility;
• Specifying that brokers passing on client information to the insurer, as required by CoIA, is not contrary to brokers’ contractual duties to their client;
• Permitting, in distribution agreements, limitations on an insurance broker’s statutory liability to the insurer for not passing on client information under CoIA;
• Introducing a regulations power (which will hopefully be enacted) to allow insurance brokers to pay premium funders from their broker accounts;
• Challenging the FMA’s Fair Outcomes over-reach, which has recently been remedied by the FMA; and
• Improving the 2026 FENZ regime including:
o Reducing the non-residential property rate from 11.95c/$100 to 7.76c/$100,
o Reducing the proposed motor vehicle flat rate from $40.12 to $25.00 per vehicle,
o Adding marine vessels to exempt property, and
o Exempting from the levy classes of insurance for war and terrorism, deductible buy down, and existing property under contract works.
Submissions may not necessarily lead to changes. They can support maintaining the status quo. For example, IBANZ submitted against preventing insurance brokers’ investing their client account balances, which was being considered by the Regulators in its Contracts of Insurance Bill consultations. IBANZ also, through the submissions processes, proactively sought and obtained an exemption for premium funders from the Credit Contract and Consumer Finance Act ‘suitability and affordability’ requirements, which would have unnecessarily delayed and interfered with premium funding sales processes.
Conclusion
IBANZ's submissions on draft legislation have been instrumental in protecting the interests of IBANZ members, their clients and the insurance industry. Legislation that is unnecessarily restrictive or impractical can hinder brokers' ability to operate effectively, penalise their clients and damage the insurance industry.
By voicing concerns, suggesting modifications and influencing policy outcomes, IBANZ seeks to ensure that the final legislation is more efficient, more balanced, and supports growth and innovation in the insurance industry for the benefit of insurance brokers, their clients and other industry participants.
IBANZ appreciates the support of Tim Williams, leading lawyer and partner at Chapman Tripp, who helped with most of the submissions referred to in this article and appeared for IBANZ at Select Committees with Mel Gorham. Tim’s well-respected knowledge and experience has assisted in adding depth and credibility to the representations and submissions made by IBANZ.
Resident Builder Peter Wolfkamp “When was the last time your clients had an electrical safety check?”
before Catch fire it starts.
Catching fire before it starts calls for expert fire catchers. That’s why NZI have recruited a team of highly qualified electrical inspectors to help protect your commercial property clients from the devastating effects of fire.
Book your client a free NZI Electrical Review*
Growing the next generation of brokers
Sam Kerr | Managing Director - Share General, and Vice President - IBANZ
Thefuture of the insurance industry depends on our ability to nurture the next generation of brokers.
With the regulatory changes we’ve all been through over the past few years, we saw the introduction of the NZQA Level 5 Financial Services qualification as the new minimum standard. The foundation elements built by Level 5 are the basic skills and knowledge in order to operate, but true success comes from our efforts as brokers, mentors, and leaders. While the revamped NZQA Level 5 qualification will also give another lift, real competency is built through handson experience and the guidance of seasoned professionals. It's up to us to provide to attract, provide support and share our knowledge with the next generation of talent.
Too often, we hear that people "fell into" insurance. Dawn Miller, Chief Commercial Officer of Lloyd's at Steadfast's recent Melbourne conference, highlighted that we also need to change the way we talk about insurance broking as a career. This casual phrasing inadvertently diminishes the value of our profession. When we describe our career paths in such a nonchalant manner, it suggests that insurance broking is not a deliberate or desirable choice, but rather a fallback option. This perception can deter talent from considering a career in our industry.
THREE STEPS BROKERS CAN START TODAY
We should be proud of our careers and actively promote insurance broking as a deliberate and rewarding career choice. Insurance brokers play a crucial role in protecting businesses and individuals from financial loss, providing expert advice, and ensuring peace of mind. Our work has a significant impact on the economy and society, and it deserves to be recognised and valued. To achieve this, we need to highlight the diverse opportunities within the industry. Insurance broking is not a one-dimensional career; it offers a wide range of roles and specialisations.
Many successful brokers have started in entry-level positions and worked their way up to leadership roles. Highlighting these success stories can inspire new entrants to see insurance broking as a career with long-term potential and opportunities for personal and professional development.
Let's take action today to ensure the future of our profession is bright. By sharing our knowledge, mentoring the next generation, and engaging with our communities, we can build a strong, respected, and vibrant insurance industry. Together, we can inspire and develop the next wave of brokers who are not just competent but also passionate and proud to be part of our industry.
1. Share Your Knowledge: One of the most effective ways to nurture the next generation is by sharing your knowledge. This can be done through formal training sessions, workshops, or even informal coffee chats. By openly discussing your experiences, challenges, and successes, you provide invaluable insights that can help new brokers understand the nuances of the industry. Encourage questions and foster an environment where continuous learning is valued.
2. Develop a Mentorship Programme: Establishing a structured mentorship programme within your organisation can significantly impact the development of junior brokers. Pairing experienced brokers with newcomers allows for personalised guidance and support. Mentors can help mentees set career goals, navigate complex cases, and develop essential soft skills. Regular check-ins and feedback sessions ensure that the mentorship relationship remains productive and beneficial for both parties.
3. Look Outward and Lead at a Community Level: Be proud of our careers and what we can achieve. Engage your community to promote our industry, careers, and help close the gap on financial literacy. Step up to work alongside industry bodies like IBANZ to promote what we do as brokers, the career opportunities, and engage with the wider community. Consider becoming a board member to influence and drive positive change within the industry.
fire catchers Meet the NZI
With over 120 years combined electrical experience and armed with our state-of-the-art thermal imaging cameras, NZI’s team of Electrical Inspectors has what it takes to catch fire before it starts.
To book your client a free NZI Electrical Review* contact us at electricalinspectors@nzi.co.nz or scan the QR code below.
Book your client a free NZI Electrical Review*
*Terms, conditions and eligibility criteria apply.
AI errors could lead to ‘next silent cyber’
Underwritersshould be on alert for unwitting exposure to claims stemming from inaccuracies caused by artificial intelligence, an insurance lawyer says.
AI could be “even more pervasive than cyber in terms of where it can impact policies," Clyde & Co partner
Darryl Smith says. Clyde & Co is a global law firm providing services to clients in insurance, transport, energy, infrastructure and trade and commodities.
“The key concern in my mind is just inaccuracy, really – inaccuracy in what the AI produces.”
Swiss Re has previously likened “silent AI” to “silent cyber,” when insurers sustained large losses because ransomware attacks and other cyber risks were covered by non-cyber policies, even though that was not the intention.
Mr Smith says policy proposals and renewal forms should ask if, where and why AI is being used.
“It has the capacity to impact a lot of different types of policies, but if insurers start looking at it now, it’s something that’s more than capable of being addressed,” he told insuranceNEWS.com.au.
“At least we’ve got a road map from silent cyber in terms of how to move forward. You can look at exclusions – which is probably not very palatable to your policyholders – or see an opportunity for a
different cover. In cyber, that started with sublimited covers.”
AI is increasingly used in professional services, but Mr Smith says it is not always correct, even though it is relied on to deliver advice.
“Down the track, we’re looking at having some serious problems, basically the next silent cyber.”
Professional indemnity and errors and omissions policies are vulnerable, with potential for years to pass before mistakes are discovered, which may increase the severity of claims.
“The cause of the loss is the AI, but it’s just a claim for an error or an omission or an inaccuracy,” Mr Smith said.
Claims may also be made under directors’ and officers’ policies for infringement of intellectual property, defamation, or incorrect use of personal information, and casualty losses and property damage are also possible.
Mr Smith says that eventually, a standalone AI policy market may emerge.
“The historical example is asbestos ... there’s not $1 of premium written for asbestos, but it costs insurers a large amount of money. It was the same with silent cyber – you’re writing the insurance, but you’re not collecting the premium.
“That’s where AI sits. It’s something many, many organisations are integrating as part of their business ... and any errors within it could lead to claims.”
Catch of the day.
The story of the takeaway bar that didn’t go up in smoke.
What do you get when you combine one leading cause of fires – cooking, with another leading cause –electrical fires?
Simple. A recipe for disaster.
That’s what a popular little takeaway bar was unknowingly cooking up while they were busy keeping hungry customers happy.
Fortunately the building was insured with NZI and had been booked in for a free NZI Electrical Review.*
When the inspector arrived he found trouble brewing: significant poor installation practices, temporary wiring in permanent use and circuits driving high load ovens daisy-chained off other power points.
An electrician was called, new electrics installed, and one more fire waiting to happen, was caught before it started.
Book your client a free NZI Electrical Review* at electricalinspectors@nzi.co.nz
Book your client a free NZI Electrical Review*
From forklifts to insurance with NZI’s Teina Paniora
A journey of heart, heritage and harmony
WhenTeina Paniora first entered the insurance world, he wasn’t 'suited up' or carrying a briefcase - he’d literally just hopped off a forklift.
"In early 2014, my cousin, who was part of the Christchurch earthquake recovery team, put the feelers out on my behalf and helped me land an interview for an admin role with her at NZI," he recalls. "Looking back, I think my manager took a bit of a chance on someone with very limited office experience."
His shift from logistics to insurance was unexpected. "I felt ready for a change. I’d been offered a truck-driving job just before this opportunity came up, but after meeting people in the industry and chatting with my cousin, insurance just felt right. I trusted my gut and took a leap of faith - and in hindsight, I’m so glad I did because it set me on a path I never could’ve imagined."
A career shaped by curiosity
Teina’s insurance journey began in administration, but his curiosity and strong work ethic soon opened new doors. He transitioned into claims management, where he played a vital role in guiding customers through the aftermath of the Canterbury and Kaikōura earthquakes as part of the Disaster Recovery Unit. "In that space, we were trying to help people and communities get back on their feet, which is essentially what we're here for, right?"
From there, he moved into underwriting, gaining a deeper understanding of risk assessment. "That’s where I really grasped the fact that the work we do is not just about fixing things after they’ve gone wrong, but helping people plan for the unexpected."
Now, as Business Development Manager (Commercial Sales), Teina’s found a role that perfectly balances his passion for people and problem-solving. "It’s been an awesome mix of working with our broker partners and applying strategy to help both brokers and NZI grow,” he shares.
“Each role has given me a new perspective and taught me resilience, adaptability, and the value of backing yourself when stepping into the unknown."
Some wise words
When asked about the best advice he's ever received, he shares, "My dad, Ross, always said I should remember two things: 'Don’t be like your father' and also to 'choose wisely’. That second one was about choosing a partner, which to me, was more about making wise decisions that shape your life and future."
That mindset extends into his work. "For me, building trust and sound relationships with customers is about being
consistent. NZI is known as a steady ship in the market, so I try to embody that. Whether it's responding to queries quickly or showing up in person, being accessible and available makes all the difference. Plus you get way more done face-to-face than by sending ten emails."
Roots, rhythm and whānau
Born in Cromwell, Central Otago, but raised in Canterbury, Teina's roots run deep. He and his wife Latitia (Tish), are raising their two boys, Tohu (6) and Tīaho (2), as first-language te reo Māori speakers. "Growing up, dad often took us home to spend time on the marae on the East Coast. It’s such a privilege learning from our whānau about where our ancestors walked, where their battles were fought, and hearing the stories that shaped our people. It makes me realise the importance and value of knowing who you are and where you're from. That’s what I want for my boys."
It’s no surprise that his go-to travel destination is Aotearoa - specifically, his whānau marae, located just minutes before Ruatoria. “There’s really no place like it. We went there recently, and it just feels like home,” he shares. “It also reminds me that we’ve got a pretty sweet backyard here, don’t we?”
Teina's passion for his culture extends into his work. Recently, he joined IAG's Komiti Whakahaere Māori, deepening his connection with fellow Māori across the business. "I never expected insurance and te ao Māori to align, but here we are. I’ve loved contributing recently at both the TupuToa gala event and Te Matatini festival in Ngāmotu, New Plymouth.”
When he’s not immersed in insurance, Teina keeps the beat alive with his family band, One Waka. "It began as a garage project that got out of hand,” he laughs. “Dad’s on sax, my brother handles percussion and vocals, I play drums and sing, and our old neighbour ties it all together on lead vocals and guitar. We blend Aotearoa dub, roots and reggae with traditional Māori instruments and te reo Māori lyrics, influenced by the sounds of Salmonella Dub, Black Seeds and Katchafire. It’s pretty special to be part of."
For the love of it
As a recent recipient of NZI’s Jeremy Bold 2025 Scholarship Programme, Teina is excited by what lies ahead this year. "I have the opportunity to be mentored by Chris Hughes, NZI’s Executive Manager of Broker Distribution and Speciality. Having a monthly session with someone of his experience has been incredibly valuable; being able to pick his brain is a real privilege. I’m genuinely excited about the plans we’re shaping together for the project work ahead."
When asked about his proudest achievement, Teina's answer is immediate. "My whānau. I like to think I listened to dad and chose wisely because Tish is incredible. Raising our boys together and seeing them grow as fluent Māori speakers, confident in who they are as Māori, means everything to us."
As for work-life balance, Teina laughs, "If anyone's cracked the code to that, I’d love to hear it! With two young boys, Tish and I juggle everything to keep the train on the tracks. I really value NZI’s workplace flexibility. There’s a genuine willingness to support whānau and make things work. Plus, having an awesome team is such a bonus."
Whether he’s building broker relationships, mentoring future leaders or drumming alongside One Waka, Teina approaches everything with heart, humour and a deep sense of purpose. His journey is about taking chances, embracing change and always remembering where you come from.
Family band One Waka
Teina with his wife Latitia (Tish) and their two boys, Tohu (6) and Tīaho (2)
Courts change limitation period for natural hazard insurance and other occurrence based policies
The effect of a recent High Court judgment is that insurers can no longer rely on the historically orthodox position that claims expire six years after the occurrence of the peril that caused the insured loss.
John Knight and Scarlet Roberts from Chapman Tripp summarise the effects of Pearce v Toka Tu Ake Natural Hazards Commission [2024] NZHC 623.
TheHigh Court has clarified how to calculate time limitation periods for claims under domestic dwelling insurance policies structured to provide ‘top-up’ cover over the statutory natural hazard insurance1
The Court rejected the orthodox English law position under which time begins on the date of the insured peril. In this case, time would have begun on 22 February 2011 and expired six years later in 2017.
The new position, as determined by the Court, is that time begins to run at the date on which the insurer ought to have settled the claim under the policy. In this case, that was at the expiry of the “reasonable period” after EQC advised the claimants that the claim was over-cap. On this basis, the claim is still in time, more than 14 years after the earthquake.
This case deals specifically with home insurance policies, but has implications for other occurrence-based policies. The factual background
The homeowners initially lodged damage claims arising from the Canterbury earthquake with EQC2 in September 2010 and March 2011, and with their private insurer in March 2011.
Over the following years there was a range of assessments, site visits, scopes of works and payments by EQC and the insurer for damage to the property and associated land at the conclusion of which, in November 2022, EQC advised that the claim was over the EQC liability cap.
The insurer declined the homeowners’ claim for costs over the cap on the basis that it was now time-barred, and the homeowners filed a claim in the Tribunal3, which referred a preliminary question of law to the High Court to determine when the time limitation period began.
Limitation periods – overview
The Limitation Act 2010 applies to claims based on acts or omissions on or after 1 January 2011. The usual limitation period for money claims is six years “after the date of the act or omission on which the claim is based (the claim’s ‘primary period’)”4. This can be extended by late knowledge for three years from the “late knowledge date”5, with a maximum longstop of 15 years after the relevant act or omission6
Key issue
The Court had to directly traverse new ground in New Zealand: for claims under an occurrence-based insurance policy, is the act or omission on which the claim is based:
• the insured peril (the fire, earthquake or theft etc causing the loss), or
• the insurer’s failure to settle under the policy at the time the obligation fell due?
The answer
The Court confirmed the central importance of the terms of the insurance contract7. In this case, the policy provided ‘topup’ insurance structured so that the insurer pays for additional loss not covered by EQC’s statutory cap8
1 Pearce v Toka Tū Ake Natural Hazards Commission & Anor [2025] NZHC 623.
2 Now the Toka Tū Ake Natural Hazards Commission.
3 The Canterbury Earthquakes Insurance Tribunal.
4 Limitation Act 2010, s 11(1).
5 Limitation Act 2010, s 14.
6 Limitation Act 2010, s 11(3).
7 [32].
8 [34], [36].
9 [41]-[42].
10 [43].
It followed that the extent of EQC’s liability had to be established before the insurer could compensate the homeowners for the difference between that and the insurer’s liability under the policy9
Therefore, the insurer’s obligation to pay under the policy was not triggered until, at the earliest, EQC had made the full extent of its payment10. That was not finally determined until November 202211
Until that point, the private insurer’s obligation was contingent only12
The Court went on to say that the insurer should be allowed a further “reasonable period” after EQC’s settlement to assess the over-cap claim and to make payment of any amount due13
It follows that the relevant act or omission that begins the primary period under the Limitation Act is the insurer’s breach of its contractual obligation to settle the insurance claim, and this takes place at the time the claim should have been settled, not the date of the peril that caused the insured loss.
Implications and comment
For insurance policies structured to provide top-up cover, there is no fixed date from which the six-year (or 15-year longstop) limitation period begins to run. Commencement depends in each case on when EQC, now the Natural Hazards Commission (NHC), makes its decision to settle the claim on terms that trigger an obligation under the policy.
In the context of domestic natural disaster insurance, this uncertainty may provide further incentive for insurers to be proactive in their dealings with the NHC to try to bring claims to a head. Insurers may also consider whether to make their own decision about the likely loss and to settle independently of NHC’s decision if time is important.
The Natural Disaster Response Model partnership between NHC and a number of insurers should mean that insurers have a much better understanding of the progress of NHC claims and are able to settle those claims much more quickly. Hopefully, it will be very rare in the future for a claim to take so many years to resolve.
In the limited context of a preliminary legal question, the Court in Pearce did not engage with the reasons why EQC made its over-cap decision nearly 12 years after the February 2011 earthquake. It also did not consider the effect of the insureds’ conduct and whether they had breached any obligation to pursue their EQC claim with appropriate diligence. In an appropriate case, these matters could affect the time limit that is applied.
The decision may prompt insurers to consider policy wordings to mitigate the risk of such potentially extended time limitations. Policy terms could be drafted to create an earlier trigger for the commencement of the primary time limitation period.
11 [44].
12 [43], citing Doig v Tower Insurance Ltd [2019] NZCA 107, [2021] 2 NZLRD 127 at [51].
13 At [73].
Does the property insurance model need changing?
Can compulsory building reports save insurers millions?
AChristchurch-basedbuilding consultant says the property insurance model is “flawed” and building reports that are both compulsory and detailed would significantly reduce the costs and risks faced by insurers, consumers and banks.
“The current system is seriously flawed,” said Gideon Couper. “The work I’ve been doing over the past few years has opened my eyes and what I’m seeing is that insurance companies are unintentionally wasting billions of dollars while exposing homeowners to significant risk.”
Couper, a building consultant, has specialised in building assessments since the Christchurch earthquakes of 2010 and 2011.
Would building reports help ease underinsurance issues?
In New Zealand, building reports are not compulsory for obtaining property coverages. Insurers often rely heavily on information provided by consumers, their brokers and online rebuild cost calculators to charge premiums.
“At present, buyers, banks and insurers are accepting properties based on information that may not be accurate, and in my opinion, this happens a lot – I see it, almost every week,” he said. “At the moment, all those parties [insurers, vendors, buyers and banks] are exposed to unnecessary risk, probably without even realising it,” said Couper.
Couper also argued, like other industry stakeholders, that a significant driver of increasing levels of property underinsurance and claims issues is erroneous building reports.
He said a better system would require potential home buyers to provide their insurer and bank with “a fully independent building report from a builder certified to do a comprehensive specialist report.”
Couper said this would effectively benchmark the building quality and state of the property.
“I’ve never understood why it is often suggested that vendors get a building report for a prospective buyer,” he said. “They have a vested interest in the sale, the motivations are all wrong,” he said.
Building reports using digital tools
He said digital tech like drones should be used to improve building reports.
“These digital tools give a much more detailed and comprehensive understanding of conditions in spaces that are often quite dark and difficult or impossible to access,” he said. “It’s foolproof – the pictures don’t lie.”
Cyclone Gabrielle’s insurance revelations
Couper said it was his use of drones to gather property
At present, buyers, banks and insurers are accepting properties based on information that may not be accurate, and in my opinion, this happens a lot – I see it, almost every week.
Gideon Couper Building Consultant
footage following Cyclone Gabrielle in 2023, that raised his awareness of this insurance issue.
“I was gobsmacked by what I saw,” he said. “Yes, there was damage caused by the cyclone, but many of these properties had been flooded several times previously and each time the owners had been paid out for what was clearly an obvious flooding risk.”
Some insurers deploy this tech after a disaster to assess property claims after damage. Couper wants it used at the front end – when a house is purchased.
“In a lot of cases, I was left thinking ‘how was this even considered insurable?’ In Auckland there were basements converted to living areas that didn’t meet minimum legal requirements, yet were fully insured. People convert these basements then on sell to someone else, and that person gets a mortgage and insurance on a property that is inherently flawed.”
Climate change fuelled property insurance issues
Couper said climate change will soon make failures in the current system more apparent.
“Insurers are already paying huge amounts of money – it must amount to billions of dollars – to clients whose properties are damaged by weather-related disasters, such as Cyclone Gabrielle,” he said.
Couper said the situation is already unsustainable.
“The risks to property are rising,” he said. “Insurance premiums are going up and up and that’s simply not sustainable.”
Unless something is done, he expected more people to cut back on insurance, increasing underinsurance and insurance gaps.
Trans-Tasman common causes
In Australia, some stakeholders also favour detailed, compulsory building reports.
Marty Sadlier, director of MCG Quantity Surveyors, has called for mandatory quantity surveyor reports on construction costs to be used for calculating property insurance. Like Couper, he said these reports would be paid for by the property owner and would help solve underinsurance issues.
However, industry stakeholders questioned their affordability and the willingness of many property owners to pay for them.
“I think the surveyor report may look like an attractive way of addressing it [underinsurance], but it opens up a whole range of other issues, affordability being the main one that comes to my mind,” said Angelo Azar, COO of Honey Insurance.
Broker code committee urges tougher time frames on claims and renewals
The Insurance Brokers Code Compliance Committee has recommended improvements around transparency, clarity and breach reporting in its submission to the ongoing code review.
The deadline for feedback on a consultation document has now passed, and a draft report is expected to be published late next month.
The compliance committee has called for the next version of the National Insurance Brokers Association code to give more protection to small businesses.
It wants remuneration disclosure requirements to extend to small business clients in addition to retail clients.
greater certainty, improve trust in brokers and reduce the risk of lapses in coverage.”
The committee also wants the code to strengthen breach and complaint identification and reporting.
Brokers should report all breaches, it says, including those by their representatives, and code training should be enhanced.
The committee wants “named reporting” on breaches to bring greater transparency and align with the banking code and recommendations on the general insurance code.
“Named reporting, when framed appropriately, can
The committee also calls for clearer time frames around claim handling obligations and a longer run-up to renewals.
For example, clause 7.1 says brokers will “keep clients informed in a timely manner regarding the progress of their claim." But the committee wants updates every 20 business days.
It says a commitment to contact clients about renewals at least 14 days before cover expiry should be changed to “at least 30 business days” prior.
“These time frames align expectations with obligations in the general insurance code, support informed decisions and promote good client outcomes,” the committee says.
“Strengthening these provisions will provide clients with
highlight outliers, help firms benchmark their reporting against peers, and encourage better compliance practices.”
It calls for enough funding to enable the committee to carry out its own investigations and reviews, arguing that “selfreported data alone is insufficient for effective compliance monitoring."
The committee says it would support extending the code review period from three years to five only if the code was approved by the corporate regulator.
The (Australian) Insurance Brokers Code Compliance Committee (IBCCC), an independent body that monitors compliance with the Insurance Brokers Code of Practice the Code).
20% of Kiwis switch insurance providers
One in five New Zealanders has switched insurance providers in the last two years, according to a new survey.
Commissioned by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ), the survey found 20% of respondents had switched providers in the past couple of years, rising to 34% in the last five years. That compares with 32% who reported they had never switched.
About 21% of those surveyed will routinely shop around when their cover comes up for renewal, compared to 25% who never shop around.
“The survey shows that a relatively low number of New Zealanders consider switching their insurance provider,” ICNZ chief executive Kris Faafoi said.
“We know this is a difficult time for New Zealanders dealing with the cost-of-living, and we would encourage people to check out their insurance options.
“Insurance premiums have been affected by a number of factors, some of which are out of our control, such as the rising cost of extreme weather events and taxes and levies. Some of those pressures are easing, and we are seeing that flow through into premium levels.”
Younger people are more likely to have recently switched, while older people are less likely. Those who have switched in the last 2-5 years were more likely to have been Wellington residents, and those on a household income of between $50,000-$100,000.
Over half of those insured have been in contact with their insurance provider about their cover over the past two years,
outside of making a claim. Some 16% had never contacted their insurer.
“Insurers are looking at ways to help their customers manage their cover to protect themselves as cost-effectively as possible and keep insurance affordable and assessible. That includes considering their excess levels or other policy settings. People should take the opportunity to contact their insurer and see what’s available,” Kris Faafoi said.
“People should also consider shopping around and see what deals are out there. The survey indicates only a fifth routinely shop around compared with a quarter whonever do.”
Some 41% of respondents said they regularly read their policy wording when updating their insurance. Some 8% never read the policy wording.
“We are encouraged by the number of people reading their policy wording, and we’d like to see that rise further. It’s important to know that you are adequately covered and also to know what is not included in your coverage. For example, most house insurance only covers sudden damage, not gradual damage. If you are unsure at all, contact your insurance provider for advice.
“Kiwis value the protection that insurance offers to keep themselves and their property safe when the unexpected happens, and that’s reflected in the comparatively high level of coverage in New Zealand compared with other countries.
“Keeping in touch with your insurance provider and checking your options regularly can help ensure you have the right level of insurance and peace of mind,” Kris Faafoi said.
Half of Kiwis seek action on climate
One in two New Zealanders believe the Government should invest more to protect people and properties from extreme weather events, according to a new survey.
Commissioned by the Insurance Council of New Zealand | Te Kāhui Inihua o Aotearoa (ICNZ), the survey found 49% of respondents believe the Government should invest more to safeguard lives and properties, compared with 53% in 2023 and 39% in 2002. Some 29% remain unsure about this issue.
A sizeable majority of 83% of respondents believe there should be more control over where properties are built so they are not at risk from flooding, similar to previous surveys.
“It’s clear Kiwis want to see more investment in resilience measures and action to avoid building in dumb places,” ICNZ chief executive Kris Faafoi said.
“The Government is taking steps in the right direction, but New Zealand needs to remain focused on finding solutions to reduce risk and keep communities safe as we face the prospect of more extreme weather.”
The survey also found:
• Nearly half of those surveyed (46%) feel the Government should cover the cost of actions to reduce risk from the impact of climate change, followed by councils at 13%, individuals (12%), private sector (6%), and local communities (4%)
• A majority of people (62%) believe the Government should take the lead to build New Zealand’s resilience and ability to cope with natural events such as earthquakes, floods and wildfires. This is followed by councils (16%), local communities (6%), individuals (4%) and the private sector (3%).
“New Zealand is highly vulnerable to natural hazards, and we are used to responding to major events. The insurance industry is committed to working collaboratively with the government to reduce risk before disaster strikes,” Kris Faafoi said.
“ICNZ is holding its annual conference next week in Auckland, and we are bringing together politicians, industry leaders, and regulators to discuss the challenges, opportunities, and actions necessary to build resilience in the face of climate change.
“The industry supports a broad political consensus that delivers a clear, coordinated and enduring climate change framework that ensures we avoid building in dumb places and that we do invest in infrastructure to protect communities.
“By investing in solutions to mitigate and adapt to the changing climate and reduce risk, we can safeguard New Zealanders, reduce the costs to taxpayers and ratepayers, and keep insurance affordable and accessible,”
Kris Faafoi said.
Annual Review 2024 released
The Insurance Council of New Zealand | Te Kāhui Inihua o Aotearoa (ICNZ) has released its annual review for 2024.
“2024 has been an important year for insurance even as New Zealand experienced fewer major events, ” ICNZ chief executive Kris Faafoi said.
“The cost of living remains top of mind for New Zealanders. Following the impact of the extreme North Island weather events, there are signs premiums are stabilising as some pressures, such as global reinsurance rates and inflation, have been easing. Insurers are continuing to look at ways to help their customers manage their own cover as cost-effectively as possible.
“The long overdue Contracts of Insurance Bill was passed in November and will make insurance legislation fit for purpose in a modern world. The new law strikes a balance between consumers having much clearer rights at critical times while allowing the fundamentals of insurers to be maintained.
“While 2024 has been relatively calm for major events in New Zealand, the opportunities and challenges for the insurance industry mirror those for New Zealand; how we collectively manage the risks from a changing climate and protect Kiwis against unexpected events.
“We are committed to leading and elevating the conversation on identifying and reducing risk to safeguard our communities and ensure insurance is affordable and accessible.
“By prioritising and embedding resilience in decision-making processes and making sure we don’t build in dumb places while also investing in adaptation, New Zealand can reduce natural hazard risks and protect the wellbeing of our communities.
“There will be some complex and difficult conversations ahead, and it will require a collaborative approach led by the government to protect our communities from the impact of climate change.
“The insurance sector supports the government’s pledge to introduce legislation on climate adaptation this year. We are committed to working in partnership with the government and other groups to find solutions to ensure better outcomes for Kiwis.
By reducing the insurance protection gap, we can keep communities safe, reduce the costs to taxpayers and ratepayers, and maintain insurance capacity and affordability,” Kris Faafoi said.
ICNZ’s Annual Review 2024 is available at: www.icnz.org.nz
IAG has published new research in collaboration with Sapere Research Group that shows New Zealand’s $64 billion spend on natural hazards is heavily skewed to recovery over resilience.
This research has been published in a report titled ‘Natural hazards-related public spending in New Zealand’. Some key findings in this report are:
• The government has spent at least $19b on responding to natural hazards since 2010, and a further $14b through its public insurance schemes;
• Total cost of natural hazards since 2010 is $64 billion (including $31b private insurance spend), equating to an average of $5.5 billion per year;
• 97% of the Government’s expenditure was on responding to and recovering from natural disasters, with the response to the Canterbury earthquakes, Kaikoura earthquake and the North Island weather events of 2023 dominating spending;
• Only 3% was spent on risk reduction and resilience.
The research also indicates that New Zealand has an incomplete understanding of the costs of its natural hazards affecting decisions to be made on when, where and how to reduce risk. This is even more important as natural hazard events increase in frequency and severity.
New Zealand’s $64 billion spend on natural hazards heavily skewed to recovery over resilience
Research commissioned by IAG New Zealand shows that the government has spent at least $19 billion on responding to natural hazards since 2010, and a further $14 billion through its public insurance schemes.
When the $31 billion spent by private insurers is included, the total cost of natural hazards since 2010 is $64 billion.
Adjusted for inflation, this equates to an average of $5.5 billion per year, of which the Government’s share is about half.
IAG New Zealand CEO Amanda Whiting says: “This research highlights again the significant financial cost that natural hazards have on New Zealanders, and the urgent need to reduce their impacts.
“These costs represent a drag on our economy and work against the growth and financial strength required to support the needs and aspirations of New Zealanders.”
The research also shows that 97% of the Government’s expenditure was on responding to and recovering from natural disasters, with the response to the Canterbury earthquakes, Kaikoura earthquake and the North Island weather events of 2023 dominating spending. Only 3% was spent on risk reduction and resilience.
The total amount spent will, in fact, be much higher. This is because this research does not include significant
spending by local government, such as the $8.2 billion that the Christchurch City Council is projected to ultimately spend on recovery in response to the Canterbury and Kaikoura earthquakes. It also does not include the wider social and economic costs, which Deloitte suggests could account for at least 50% more cost.1
Amanda Whiting adds, “It is clear we need to do more to reduce natural hazard risk, especially when we know that there is a strong case for doing so. International research shows that a dollar invested in risk reduction can reduce spending on response and recovery by four dollars.2
“Reducing natural hazard risk is as much about improving the decisions we make as the money we spend to improve the safety and resilience of our homes, businesses and infrastructure.
“It is also clear from this research that New Zealand has an incomplete understanding of the costs of its natural hazards. Fixing this will enable better decisions to be made on when, where and how to reduce risk. This is becoming even more important as natural hazard events increase in frequency and severity.
“We need to prioritise improving how the actual costs of natural hazard events are recorded by central and local government, so that we know how much we are spending, on what and where. Alongside this, we must quickly move to understand the underlying trends, regularly model the expected financial impact of natural hazards, set relative benchmarks, and closely monitor changes in risk over time.
“IAG continues to invest significantly in data and its application to improve decision making and is working with government and other partners to put this capability to use in improving how natural hazard risk is managed. This is a priority for us and must be a priority for New Zealand.”
To view the report visit www.iag.co.nz/newsroom/newsreleases/iag-sapere-report-nz-natural-hazard-spending
Amanda Whiting IAG New Zealand CEO
For a rainy day
The Body Corporate disagreed with the insurer’s decision to decline their claim
Spencer* is the representative of a Body Corporate that manages a large commercial complex. In 2023, an intense period of heavy rainfall and subsequent flooding caused significant water damage to the complex. Surface flooding damaged the complex’s exterior and the ground floor, and roof leaks damaged the complex’s first floor.
The Body Corporate had a material damage insurance policy. The Body Corporate submitted a claim to their insurer for the water damage to the commercial complex.
The insurer applied one of the insurance policy’s exclusions to decline Spencer’s claim. The policy exclusion said that the insurer would not cover the Body Corporate for claims related to the failure of the property’s drainage system.
Spencer complained to FSCL on the Body Corporate’s behalf.
Dispute
The Body Corporate disagreed with the insurer’s decision to decline their claim. The Body Corporate felt that it was unfair for the policy exclusion to apply to their insurance claim, because drainage systems are not designed to handle the volume of rain that had fallen during the flood event.
The insurer said that the policy exclusion applied regardless of the volume of rain that had caused the flooding, because the exclusion was only concerned with whether the complex’s drainage system had failed.
Review
We reviewed the wording of the Body Corporate’s insurance policy, the correspondence between the parties, and the information the Body Corporate submitted to the insurer to support their claim.
In our review, we discovered that the value of the Body Corporate’s insurance claim was $415,000. Before 18 July 2024, we could not investigate complaints where the amount in dispute, or that could reasonably be in dispute, was greater than $350,000.
We explained to Spencer that, under our rules, also known as our terms of reference, we could not investigate the Body Corporate’s complaint because the value of the Body Corporate’s insurance claim and the total amount in dispute was greater than $350,000.
Resolution
Spencer accepted our explanation, and the Body Corporate decided to discontinue their complaint.
INSIGHTS FOR CONSUMERS AND PARTICIPANTS
Any complaints that FSCL receives from 18 July 2024 onwards are subject to our new financial limit of $500,000. This means that we can investigate complaints where the amount in dispute, or that could reasonably be in dispute, does not exceed $500,000. * name changed
Why are my claims taking so long?
The construction company complained that their insurer had mishandled several of their insurance claims
Aconstructioncompany used an insurance broker to arrange commercial insurance policies with their insurer. Between 2021 and 2022, the company made various claims against their insurance, including in June 2021 for damage to a crane, in September 2022 for a damaged laptop, and in November 2022 for damaged panels.
In April 2022, in between various claims, the company’s insurance was up for renewal, and the company decided to renew for only six months due to internal changes. The broker advised the company that they had to pay $40,000 in premiums before any of the claims could be processed, which the company paid.
The company complained to FSCL that it took between five to seven months for each of their claims to be processed, which they felt was an unfair and unreasonable delay.
Dispute
The construction company complained that their insurer had mishandled several of their insurance claims, resulting in the claims process being significantly and unnecessarily protracted. The company wanted compensation for the impacts associated with being unable to access the funds from the claim payouts. They also complained that they were required to pay the premiums before any of their claims would be considered.
The broker explained that there had been a misunderstanding about the period of insurance and the premiums payable, which resulted in the insurer not considering the claim earlier. The broker accepted that the company’s experience fell below their usual service standards.
Review
We found that the broker had not provided a plausible explanation for the delays in lodging the company’s claims. There couldn’t have been confusion about the timing of the premium payments because at least two of the claims had been lodged before the premiums became due. We found that the broker had breached their obligations to exercise care, due diligence and skill, and to give priority to their client’s interests, under sections 431L and 431K of the Financial Markets Conduct Act 2013. The broker also hadn’t communicated with the company in a timely, clear and effective manner as required under the Code of Professional Conduct for Financial Advice Services.
To resolve the complaint, we suggested that the broker pay interest on the claim amounts that had been delayed in payment, totalling $1,145, and $3,000 compensation for the stress, delay and inconvenience.
Resolution
Both the broker and the company accepted our recommendation, and the complaint was resolved.
INSIGHTS FOR BROKERS
Brokers should ensure that claims are lodged with insurers in a timely manner and are followed up diligently. This reduces the risk of consumers suffering unfair or unreasonable delays in the processing of their claims.
Words debated following landslip
Acompany
owned a rental property covered by a commercial business insurance policy.
After a heavy rain event, the rental property was damaged when the slope behind it slipped. The repair costs for the damage came to $9,706, and Lee* made an insurance claim on behalf of the company.
The insurer said the claim was limited to the landslip extension, which had a $10,000 excess. Because the amount of damage ($9,706) was less than the excess ($10,000), the insurer said there was no claim to pay.
Lee complained to the IFSO Scheme because he said the damage was caused by a storm, so the standard excess should apply. Lee said the heavy rain event was the underlying cause of the damage, not the landslip. This would mean the exclusion should not apply, and the damage should be covered under the standard policy excess.
The IFSO Scheme looked at the complaint, considering the natural and ordinary meaning of the words 'loss following … landslip' and the context in which the words appeared.
The word 'following' by definition means happening afterwards in time, like saying 'in connection with' or 'arising from'. None of these uses would normally imply an underlying cause.
Given that the landslip immediately preceded and was connected with the damage, the insurer had shown the damage was a 'loss following … landslip'. It did not have to prove that the landslip was the underlying cause of the damage, rather than the rain.
The IFSO Scheme found that the insurer had correctly applied the exclusion in the policy and was not required to pay the claim.
Complaint not upheld
When interpreting a contract, the IFSO Scheme considers, among other things, the natural and ordinary meaning of the words, the intention of the parties, the contract as a whole and the context in which the words appear.
Incorrect fuel put into car
Stacey's*
car insurance claim was declined because AdBlue had been put into its fuel tank.
Stacey had car insurance. In 2024, her car broke down because AdBlue, a diesel exhaust fluid, had been put into its fuel tank. AdBlue was usually stored in a tank near the normal fuel tank, accessed through a different cap. If it were to be put into a car's fuel tank, it could damage the car.
Stacey made a claim to her insurer for the damage, saying, "I broke down due to AdBlue being put into my car accidentally."
The insurer declined her claim because of an exclusion in the policy for incorrect fuel or additive being used.
Stacey complained to the IFSO Scheme, saying that she believed AdBlue was put into her car while she was parked outside her boyfriend's house. She said that it wasn't possible to get evidence to prove that she didn't do it herself, but provided bank statements showing where she regularly got petrol and said that Adblue wasn't sold there.
Unfortunately, this was not sufficient evidence that the insurer couldn't apply the exclusion.
The IFSO Scheme was unable to uphold Stacey's complaint because the insurer had correctly applied the terms and conditions of the policy to the claim. Complaint not upheld
FORUM
Legal interpretation of entanglement exclusion
QUESTION
I would like a definitive answer on an interpretation of the following exclusion please:
"Loss resulting from ingestion or entry of any foreign object into any agricultural implement or machine (eg. harvester)."
EXPERT
Does this mean agricultural implements AND agricultural machines or does 'agricultural' ONLY apply to implements and ALL machines are excluded (despite example given being clearly an agricultural machine)?
ANSWER: Crossley Gates, Glaistor Keegan
A court must interpret the words used in a contract objectively, based on their definitions and context.
It is common drafting to not repeat adjectives unnecessarily, otherwise the phrase becomes too wordy. So, the phrase 'any agricultural implement or machine' is likely to be interpreted the same as 'any agricultural implement or agricultural machine'.
It is just a shorthand way of saying the same thing. This interpretation is supported by:
1. An implement is a tool that is different to a machine. It seems unlikely, without clear words, that the need for it to be agricultural only applies to the tool, but not the machine.
2. The example given is only agricultural.
Your questions answered
Who are Asessors / Loss Adjustors answerable to ?
QUESTION
We have been experiencing a rapidly growing number of claims where assessors and loss adjustors are displaying a strong bias against the client in favour of the insurers. We all know they are supposed to provide an impartial opinion, but this just simply isn't the case for a lot of our claims.
We have assessors interpreting contracts (not insurance), deciding what agreements actually were between tenants and landlords, in complete contrast to what the tenants and landlords have advised their contracts were meant to achieve.
Others are manipulating repairers' comments to suit a 'this isn't a claim' narrative, and when we question the repairers, find the assessor has skewed what they actually said, to suit a 'not a claim' scenario in perfectly valid claim situations.
We are seeing assessors using "Is it possible that this damage could have happened in a different way?" and using that as a means to decline a claim or require clients to lodge a second claim/second
excess for what is clearly a single valid claim.
We have other cases where assessors have totally ignored a repairer's report regarding the cause of damage eg. repairer says a 'massive power surge', the assessor says "Damage is not consistent with a power surge so no cover." Go back to the repairer who says 'one of worst power surges they have ever seen', yet the assessor still recommends a claim decline. Insurer and assessor both saying things like 'You know what repairers are like" and "repairers can say anything' not meeting any kind of burden of proof to decline. We even have photos of scorch marks around burnt out speakers etc.
We also have assessors blindly sticking to their original opinion and recommendation to insurers, even after we have shown them the errors they have made.
Who are they answerable to? What body can we register complaints to when an assessor manipulates statements and outright ignores repairers to minimise or decline a valid claim?
EXPERT ANSWER: Jeff Crawford, Portfolio & Reinsurance at Ando Insurance Group
Where there is dispute around a loss adjuster's recommendation or interpretation of a claim, please refer it back to the claim's handler at the insurance company.
Most (if not all) companies will engage and discuss/address concerns you, as a broker or a client, have. Any supporting documentation or facts to support a discussion will assist.
FORUM
Carriers liability
QUESTION
We have a client who carries goods around NZ that he does not own, to show to retailers so that they may order the product directly from the supplier. The suppliers insure the goods whilst in our client's care.
He charges a fee for this service, but not specifically for the carriage; rather, for the service as a whole.
The question has arisen as to whether or not the CCLA
would apply to him (is he a carrier as defined) and, in turn, whether or not he needs a carrier's liability policy.
The problem is that the GL PCCC extension does not respond to losses arising out of the use of a vehicle, so we can't necessarily rely on that.
The goods are never 'delivered'; rather, they are shown and taken back with the client to the next retailer.
EXPERT ANSWER: Crossley Gates, Glaistor Keegan
This is a complicated situation.
Your client is a carrier and subject to the CCLA regime. This makes the client strictly liable to the owner for damage to the goods, subject to the per unit limitation under the CCLA regime (assuming the default terms apply).
You say the owner has insured the goods (property damage policy?) while in your client's care. If this policy makes it clear that it is covering your client as well as the owner, this means your client can claim on that policy directly (as bailee) for any property damage to the goods.
Therefore, to the extent any damage to the goods is covered under the property policy, your client can meet the strict liability under the CCLA regime to the owner by claiming on this policy. Note that the policy will likely have an excess, and to this extent, your client has no cover under the property policy and will likely remain liable under the CCLA regime to the owner. Further, to the extent the property policy does not insure the damage at all, the full liability under the CCLA regime remains.
If your client wishes to cover off this uninsured exposure under the property policy, your client needs the carrier's liability policy.
Your questions answered
Run off requirement for public liability QUESTION
Hi - after recommending a client who is a retiring plumber continue with public liability for an annual term after retiring, I received this response from their solicitor. I'd appreciate your thoughts on their concerns.
"Accordingly, I have reviewed Vero’s Broadform Liability policy terms and note the following:
1. The indemnity applies “for all amounts the insured becomes legally liable to pay as direct compensation consequent upon..…(b) damage to property; happening …. during the period of insurance as a result of an occurrence in connection with the business”.
2. The Additional Extension of "Defective Workmanship" provides that insurer will cover the insured for his legal liability to pay direct compensation….. consequent upon accidental damage to property on which the insured is or has been working, where the damage is caused by the insured's defective workmanship, “providing that (a) the defective workmanship is done or undertaken by any of the persons insured during the period of insurance”; and…..
3. The "period of insurance" is defined as the period shown in the schedule commencing on the “From” date and expiring at 4 pm on the “To” date.
If the insured wishes to protect himself against any damage that might arise from any defective workmanship carried out prior to his retirement, it seems that the Additional Extension of Defective Workmanship specifically excludes cover for any such work undertaken prior to the period of insurance.
Accordingly, unless you are proposing an additional Policy or Endorsement which covers him for his earlier works prior to retirement, please clarify why you are recommending that he continue with the current Broadform cover, which would not seem to provide any such protection. What am I missing?"
EXPERT ANSWER: Crossley Gates, Glaistor Keegan
This query raises two issues:
1. Why should the plumber buy an extra year's cover after he retires, as recommended by the broker?
While the client's lawyer's analysis is correct as far as it goes, as some of the commenters have pointed out, the key to cover is property damage occurring during the period of insurance. Any property damage that occurs once cover lapses (the client having retired) will not be covered, even if it originates from a negligent act before retirement when cover was in place. That policy doesn't respond because no property damage occurred during it.
This delay between the negligent act occurring and the property damage occurring can happen. When I worked in-house at NZI, I was referred to a contested declinature involving this same scenario. The electrician negligently rewired a house. This went undiscovered for about a year. When the house caught fire a year
later, the electrician had retired and had lapsed his liability cover. When he was held liable, he lodged a claim under his last policy year when he negligently rewired the house. I had to explain to him that this doesn't trigger the cover. As the damage occurred after the policy lapsed, NZI couldn't help him.
2. Does the same issue arise under the Defective Workmanship extension?
Assuming that extension overrides an existing exclusion (meaning cover must still come through the insuring clause), the same issue does arise. However, the extension adds a second prerequisite to cover. Not only must the damage occur during the period of insurance (because of the insuring clause), but the negligent (defective) workmanship must occur then as well, because of what the extension says. This means that cover under this extension is only available when both the negligent workmanship and the damage occur during the same period of insurance.
Calendar of events
June
2025
June 4 th
Topic: Assessing NHC claims under the new act
Presenter: Kane Bankers & Kate Liddle | McLarens
In this session we’ll examine the exposures faced by elected representatives, and what types of organisations should be considering this coverage to protect the interests of these individuals, who are often unpaid for their services.
June 5 th
Topic: Detecting deception
Presenter: Trevor Slater
In this very interesting and fun presentation, Trevor will share with you how to identify when your client is not telling you the full story and how to uncover the truth.
June 11 th
Topic: Associations Liability - community and charitable organisations/NFP representatives exposures
Presenter: Ashraf Dhoray & Sharna Garbett | Delta
In this session, we’ll examine the exposures faced by elected representatives, and what types of organisations should be considering this coverage to protect the interests of these individuals, who are often unpaid for their services.
June 17 th
Topic: Business Interruption - importance of cover for additional increase in cost of working
Presenter: Mark Anderson | Commercial Loss Management
BI is more than just the insurance of Gross Profit. Cover is automatically provided for Increased Costs as part of the Gross Profit item. But there are limitations to what can be claimed under this item – often referred to as Item 1(b).
July
2025
July 2 nd
Topic: D & O
Presenter: Michael Robertson | Robertson Law
Michael Robertson will talk through the central aspects of a Directors & Officers insurance policy. This will include discussion surrounding the nature of risks and liability faced by directors & officers and D&O policy structure.
July 3 rd
Topic: Excel essentials: Creating and understanding formulas
Presenter: Sharyn Baines | Excel at Work
Join Sharyn for an engaging and informative one-hour Teams webinar designed for business professionals who want to enhance their Excel skills.
July 9 th
Topic: Home contents: Main exclusions and cover pitfalls
Presenter: Emma Gabor | Gabor Law
An entry-level webinar by Emma Gabor of Gabor Law covering the ins and outs of home contents policies.
July 10 th
Topic: Business Interruption – Common problems, pre-loss & post loss – & how to minimise or eliminate these
Presenter: Mark Anderson | Commercial Loss Management
It is often only when a loss occurs that a broker finds out how good their client's BI policy is. It is too late after a loss to retrospectively change the cover. You may not have seen your client’s financial accounts.
July 15 th
Topic: Current economic overview and ensuing six-month forecast
Presenter: Brad Olsen | Infometrics
Brad will provide an overview of New Zealand's economic outlook for the second half of 2025. He will examine issues around the labour market, interest rates, inflation, and other economic drivers. He will also touch on global economic drivers and what impact these will have on New Zealand.
July 16 th
Topic: AI update
Presenter: Peter Fernando and Sean McIntyre | Duncan Cotterill
Generative AI, such as ChatGPT, is a relatively new technology that can promote more efficient business, communication and productivity, but where can it go wrong?
July 23 rd
Topic: Civil litigation 101
Presenter: Brad Alcorn | Fee Langstone
As economic conditions remain challenging the number of disputes being litigated is increasing. This seminar will focus at a high level on the essential steps involved in a High Court civil proceeding, discuss common issues that arise during such a matter, identify the key time periods and address common terms that your clients will encounter during such proceedings.
August 2025
August 7 th
Topic: Front line complaint responding
Presenter: Trevor Slater
Most organisations have, or should have, a good complaint handling process that deals with customer complaints and hopefully resolves them. However, often the part in such a process that is missing is what to do when someone first receives a complaint.
IBANZ offers a range of CPD from quality presenters who specialise in providing a variety of fire and general presentations, as well as a selection on soft skills, ranging from time management to client care.
All webinars: 10.30 - 11.30am unless otherwise stated.
August 13 th
Topic: Mitigating stress and burnout
Presenter: Lance Burdett | Warn International Lance will speak about the effects of our changing world and how to adapt to the effects from what neuroscience and contemporary research reveal.
August 14 th
Topic: Crime Insurance - Essential policy insights and real-world claims
Presenter: Veiko Termonen | Chubb
The session will discuss Commercial Crime insurance including how crime losses occur, what the policy covers, typical exclusions, as well as claims scenarios.
August 19 th (Time: 10.30am-11am)
Topic: Domestic contents insurance
Presenter: Claire Benjamin | IFSO
The best time for your customers to think about insurance is before they need it. Where insurance provides cover for sudden and accidental damage, advisers can take steps with their customers to avoid common dispute issues and make it more likely that they have the cover expected.
August 21 st
Topic: Product recall
Presenter: Matthew Atkinson | Fee Langstone
This seminar will delve into the key benefits of product recall policies and the significant exclusions from cover. Broker focussed, the seminar will consider when a broker should recommend a product recall cover and what messages brokers should be giving on the limits of the cover available.
August 27 th
Topic: Home insurance - key concepts and claims scenarios
Presenter: Jacqueline Wilson | Ando
Join Jacqueline Wilson, Head of Ando Personal Lines Portfolio team, for a practical and informative webinar covering trending issues in homeowners' insurance.
August 28 th
Topic: General Liability - back to basics
Presenter: Ian Thompson | Vero Liability
This Back to Basics: Public Liability Webinar will provide a comprehensive breakdown of Public Liability insurance.
September 2025
September 3rd
Topic: F & G Focus - FAP monitoring insights
Presenter: Andy Crow | FMA
Join us to discuss key insights from the FMA’s monitoring report on Class 1 & 2 Financial Advice Providers. For IBANZ members, there will be a focus on findings and examples from the Fire and General insurance sector. This session is an opportunity to connect with the regulator, discuss their monitoring insights, and ask questions.
September 4
Topic: Productive conversations
Presenter: Roydon Gibbs
From managing upset clients to negotiating complex deals, this presentation will equip you with tools to navigate every conversation you have. Learn proven strategies to enhance rapport, relevance, and results in all your interactions.
September 9th
Topic: Significant breaches of the Fair Insurance Code 2024-25
(Time: 10.30am-11am)
The Fair Insurance Code is a code of conduct developed by ICNZ, which sets out the standard of service member companies must provide to their customers. These obligations are in addition to those imposed by the law.
Presenter: Julia Hurren & Jonny Sanders | Duncan Cotterill
The education sector is a unique environment with a wide range of potential issues to be addressed through a distinctly different lens than many other sectors. In this presentation, Julia Hurren and Jonny Sanders of Duncan Cotterill will provide insight about these issues, their experiences with assisting schools, and their observations about how insurance requirements are developing in the education sector.
September 16th
Topic: Round up of recent complaints
Presenter: Susan Taylor | FSCL
Susan will give you some information about recent complaint numbers to FSCL and will talk about some recent complaints FSCL has investigated about insurance brokers and insurers, including the lessons learned from those complaints.
September 17th
Topic: New FENZ Levy Regulations: An overview
Presenter: Chantel Kokich & Stephanie Beswick
This presentation will cover off the key changes impacting the calculation of levy payers Fire and Emergency levy liability due to the implementation of Part 3 of the Fire and Emergency New Zealand Act 2017 and the Fire and Emergency New Zealand (Levy) Regulations 2024, which come into effect on 1 July 2026.
September 18 th
Topic: Contents insurance - key concepts and claims scenarios
Presenter: Jacqueline Wilson | Ando
Join Jacqueline Wilson, Head of Ando Personal Lines Portfolio team, for a practical and informative webinar covering trending issues in home contents insurance.
September 25th
Topic: Marine 101 update
Presenter: Brad Alcorn | Fee Langstone
Session by Brad Alcorn, Fee Langstone. More details to come.*
October to December 2025 Topics
TOPIC PRESENTER & COMPANY
Business Interruption – how well would your client’s cover have performed?
Don't get hacked
Work is killing me!
Faulty Workmanship: Extension or Exclusion?
Record Keeping And Other Regulatory Developments
Rural Focus
Cyber Update
Business Interruption – Insurance of Wages
Liability Insurance - defective products, tort, and the Consumer Guarantees Act
Insurance Industry Legislation Overview
Mark Anderson, Commercial Loss Management
Steven Mayo-Smith
Trevor Slater
Emma Gabor, Gabor Law
Damian Lawrence, Mosiac
Claire Benjamin & Andrew Gunn, IFSO
Sophie Curlett, Robertson Law
Mark Anderson, Commercial Loss Management
Cecily Brick, Fee Langstone
Julie Walsham, IBANZ
Others will be added as topics and presenters are confirmed. Please note, the programme is not guaranteed and changes may occur due to unforeseen circumstances. We do endeavour to reschedule should this happen.
Industry calls for ‘future focus’ after Labour landslide
Australian Insurers and brokers are targeting a constructive relationship with the federal government after Prime Minister Anthony Albanese led Labour to an emphatic victory in the recent election.
They have urged Canberra to address insurance challenges with a “future-focused” mindset by investing in mitigation and adapting to the risk landscape.
The Insurance Council of Australia said: “Constructive collaboration between government, industry and communities is essential to Australia’s resilience, particularly in the face of more frequent and severe extreme weather, a growing population and rising housing demand.
“To meet these challenges, Australia must remain future-focused: adapting to rising risk, building strong homes in the right locations, retrofitting existing homes, and investing in resilience and mitigation infrastructure and projects.
“These steps are critical to protecting communities and improving long-term insurance affordability.
“We look forward to our ongoing work with the Albanese Labour government and all members of parliament to advance Australia’s resilience.”
The National Insurance Brokers Association says it will continue advocating for greater investment in disaster mitigation and climate resilience.
“NIBA remains committed to working collaboratively with government to support a strong, fair and sustainable general insurance market,” the association said.
“[NIBA] congratulates the Albanese Labour government on its re-election and looks forward to continuing to work constructively with the Prime Minister, cabinet ministers and members of parliament from across the political spectrum in the new term of government.”
Roger Abel
Rothbury Group Limited
PO Box 1596
Shortland Street
Auckland 1140
Mob: 021 952 230 roger.abel@rothbury.co.nz
Neil Cousins
President
Broker Services Manager
Steadfast NZ Ltd
PO Box 180
Shortland Street
Auckland 1140
Tel: 09 309 7942
Mob: 021 377 942 neilc@steadfastnz.nz
Samuel Kerr
Vice President Insurance Broker SHARE
PO Box 305415
Triton Plaza
Auckland 0757
Tel: 09 476 1670
Mob: 021 980 435 sam.kerr@sharenz.com
Mel Gorham
Chief Executive IBANZ
DDI: 09 306 1734
Mob: 021 0852 5568 mel@ibanz.co.nz
Contact
Phone:
Tony Bridgman
Immediate Past President
Executive Director
Marsh Ltd PO Box 2221
Auckland 1140
Tel: 09 928 3015
Mob: 021 873 399 tony.j.bridgman@marsh.com
Jill Comley-Forbes
Chief Executive Officer
Willis New Zealand Ltd PO Box 2220
Christchurch 8140
Tel: 03 366 5715
Mob: 027 451 8098 jill.comley-forbes@wtwco.com
Angus McCullough
Vice President
General Manager Marketing & Chief Officer
Aon New Zealand PO Box 1184
Shortland Street, Auckland 1140
Tel: 09 362 9059 angus.mccullough@aon.com
Karen Scard Administration & Accounts Manager
DDI: 09 306 1738 karen@ibanz.co.nz
Julie Walsham
John Chandler
Chief Commercial and Client Officer
PIC Insurance Brokers Ltd PO Box 58842
Botany
Auckland 2163
Tel: 09 281 6870
Mob: 029 969 3878
john.chandler@pic.co.nz
Duane Duggan
Head of Insurance Legal
Arthur J. Gallagher & Co (NZ) Limited PO Box 68910
Wellesley Street, Auckland 1141
Tel: 09 357 4805
Mob: 021 833 286 duane.duggan@ajg.co.nz
Dave Penfold
Director – New Zealand
PSC Connect NZ Limited PO Box 105-241
Auckland City
Auckland 1143
Tel: 09 869 6674
Mob: 021 409 400 dpenfold@pscconnect.co.nz
Member Services & Technical Manager IBANZ
DDI: 09 306 1733
Mob: 021 0822 2727 julie@ibanz.co.nz
Physical address: The Crate, 28 Constellation Drive, Rosedale, Auckland 0632
Mailing address: PO Box 302504, North Harbour, Auckland 0751
Abbott Group
Abraham & Associates Ltd
Adams Trimmer Insurance 1992 Ltd
Advance Insurance Services Ltd
Affiliated Insurance Brokers Ltd
AIB Group Insurance Ltd
AIM Associates Ltd
Albany Insurance Canterbury Ltd
Albany Insurance Services Ltd
Allied Financial Advisors Limited
Amicus Brokers Ltd
Aon New Zealand
Arthur J. Gallagher & Co (NZ) Limited
Baileys Insurance Limited
Christchurch
Christchurch
Whangarei
Paeroa
Wellington
Lower Hutt
Auckland
Christchurch
Auckland
Christchurch
Christchurch
Auckland
Auckland
Auckland
Balance Insurance Advisors Ltd Whangarei
Bay Insurance Brokers Ltd
BMS Risk Solutions Limited
Bridges Insurance Services Limited
Tauranga
Christchurch
Hamilton
Builtin Insurance Brokers Limited Tauranga
Cambridge Insurance Brokers Ltd
Capital Risk Solutions Limited
Cartwrights Ltd
Cambridge
Wellington
Ashburton
Coast Insurance Whangaparaoa
Commercial & Rural Insurance Brokers Ltd
Crème Insurance
Alexandra
Auckland
Dawson Insurance Brokers (Rotorua) Ltd Rotorua
Eclipse Insurance Brokers Limited
Emerre & Hathaway Insurances Limited
FG Insurance Services
First Lane Insurance Ltd
Folio.Insure Limited
Frank Risk Management
FundAGroup Insurance Brokers Limited
Futurisk General Insurance Ltd
Grayson & Associates Ltd
Auckland
Gisborne
Gisborne
Blenheim
Auckland
Hamilton
Auckland
Palmerston
North
Auckland
Greenlight Insurance Brokers Ltd Rotorua
Gregan & Company Ltd
GSI Insurance Brokers
GSI South
GYB Insurance Brokers Ltd
Hazlett Insurance Brokers Ltd
Hood Insurance Brokers NZ Ltd
Howden Commercial & Affinity Ltd
Howden Corporate Limited
Hurford Parker Insurance Brokers Ltd
Hutchison Rodway Ltd
ICIB BrokerWeb
Papakura
Auckland
Christchurch
Lower Hutt
Christchurch
Auckland
Auckland
Auckland
Hastings
Auckland
Auckland
Ingerson Insurances Ltd Wellington
Insurance Advisernet NZ Ltd Auckland
Insurance Brokers Alliance Ltd Invercargill
Insurance Design Limited Warkworth
Insurance Partners Group Tauranga
Insurance People (Fire & General) Limited Auckland
JenBro Insurance Taupo
JRI Limited New Plymouth
Lockton Companies NZ Limited Partnership Auckland
Malcolm Flowers Insurances Ltd Taupo
Marsh Ltd Auckland
McDonald Everest Insurance Brokers Ltd New Plymouth
Medical Assurance Society
New Zealand Limited Wellington
MW Insurance
Auckland
Nelson Marlborough Insurance Brokers Ltd (NIB) Nelson
Neville Newcomb Insurance Brokers Ltd Auckland
Northco Insurance Brokers Ltd Masterton
Northcrest Insurance Brokers Ltd Auckland
O'Connor Warren Insurance Brokers Tauranga
OFS Insurance Brokers Ltd Dunedin
Omni Fire & General Ltd Auckland
Paramount Insurance Agencies Ltd Auckland
Partridge Advisory Limited Auckland
Paterson & Co NZ Ltd Auckland
Penberthy Insurance Ltd Auckland
PIC Insurance Brokers Ltd Manukau
Prestige Insurance Broker Services Ltd Auckland
Primesure Brokers Ltd Auckland
Property and Commercial Insurance Brokers Feilding
Provincial Insurance Brokers Limited Masterton
PSC Connect NZ Limited Auckland
Rothbury Group Ltd Auckland
Runacres Insurance Ltd Christchurch
SHARE Auckland
Sit & Blake Limited Auckland
South Pacific Insurance Brokers Ltd Auckland
Straightline Advisory Limited Auckland
Thames Valley Insurance Ltd Thames
The Advisers for insurance New Plymouth
Thorner General Insurances Ltd Upper Hutt
Towes Insurance Brokers Ltd Te Aroha
Vercoe Insurance Brokers Ltd Morrinsville
Vision Insurance (S.I.) Ltd Ashburton
Wanganui Insurance Brokers Ltd Wanganui
Wealthpoint General Limited Auckland
Willis Towers Watson Auckland
New Zealand's professional association representing the interests of insurance brokers, risk managers and consumers.
FIND A BROKER
IBANZ members provide independent professional advice focused on client needs.
CPD FOR MEMBERS WHY JOIN IBANZ?
We set a professional standard through our Code of Professional Conduct and Constitution to ensure members reach an appropriate standard.
IBANZ gives strength and support to members enabling them to better meet their challenges and opportunities.
